Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Viramgam Mercantile Co-operative Bank Ltd., Viramgam, Dist. Ahmedabad under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI found violations relating to non-filing of Cash Transaction Reports (CTR) and Suspicious Transaction Reports (STR) to FIU-IND, New Delhi, along with persistence of irregularities pointed out in the previous RBI inspection report. After issuing a show-cause notice and considering the bank's reply, RBI concluded that the contraventions were substantiated and penalty was warranted.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Viramgam, Gujarat